Bronzeville Multifamily Investment
For Sale
Contact for pricing
4927 S Prairie Ave, Chicago, IL 60615
Ten-unit building in Chicago's Bronzeville neighborhood, near CTA Green Line.
Property Size10,850 SF
Price / SF$179.72
Days on Market181
Property Features for 4927 S Prairie Ave
General Information
Standard status
Active
Size
10,850 SF
Class
C
Property subtype
Multifamily
Building Details
Units
10
Tenancy
Multi
Listing Agency:
Kiser Group
(773) 293-5032
Listed By:
Noah Birk · License #IL 475.125864
Source:
Crexi
Added: Feb 23
Changed: Aug 10
Last Checked: Aug 22 at 1:00PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Kiser Group
Investment Insights
Based on property information with market context.
This ten-unit walk-up building is located in the Bronzeville neighborhood on Chicago’s South Side. The property is situated approximately two blocks from the CTA Green Line “L” station at 47th Street, providing convenient access to downtown and surrounding areas. The unit mix includes one studio, one 1-bedroom/1-bathroom, two 2-bedroom/1-bathroom, and six 3-bedroom/1.5-bathroom units. All units feature spacious layouts and updated kitchens and baths. Recent capital improvements include individual furnaces and water tanks, in-unit laundry, copper plumbing, and newer porches. The property size is 10,850 square feet. This stabilized asset is located in Chicago's historic Bronzeville neighborhood.
Key Highlights
- High 7.67% current Cap Rate and 7.92% Cash Return with potential to increase through rent adjustments.
- Located in the rapidly expanding and historic Bronzeville neighborhood.
- Convenient access to downtown via the nearby CTA Green Line (2 blocks to 47th Street station).
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$166,321
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.53%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,326,420
$3.3M
Cap Rate 7%
$2,376,014
$2.4M
Cap Rate 9%
$1,848,011
$1.8M
Market Conditions
NOI Build-Up for 10,850 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$319.0K $29.40/SF
− Vacancy
−$16.6K −$1.53/SF
EGI
$302.4K $27.87/SF
− OpEx
−$136.1K −$12.54/SF
NOI
$166.3K $15.33/SF
Area
Chicago, IL
Vacancy
5.20%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,326,420
Cap Rate 7%
$2,376,014
Cap Rate 9%
$1,848,011
Alternative Uses
Best Use
Apartment 5plus
$2.38M
$2.08M – $2.77M
NOI $166,321 @ 7.0% cap · market cap 8.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.12M
$4.48M – $5.97M
NOI $358,102 @ 7.0% cap · market cap 18.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,319
Businesses Nearby
Explore this area
Business Placement
Demographics for 60615, IL
43,502
Population
24,997
Households
1.7
Avg Household Size
35
Median Age
61%
College-Educated
93%
High-School Grad
2.2 sq mi
ZIP Area
19,774
Density / Sq Mi
$62,105
Median Household Income
$47,186
Median Earnings
$1,444
Median Rent
$305,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Ten-unit building in Chicago's Bronzeville neighborhood, near CTA Green Line.
Where is this apartment building located?
The property is located at 4927 S Prairie Ave Chicago, IL.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: High 7.67% current Cap Rate and 7.92% Cash Return with potential to increase through rent adjustments.; Located in the rapidly expanding and historic Bronzeville neighborhood.; Convenient access to downtown via the nearby CTA Green Line (2 blocks to 47th Street station).
